Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Primary purchase evidence, accepted sales and unrejected books may discharge the purchaser's burden unless the Revenue produces independent material showing sham supplies or return of consideration. A supplier's failure to substantiate its own procurement chain, alleged excess mining, or direct dispatch to customers does not alone justify disallowance. Where purchase evidence is deficient but sales, audited accounts and quantitative records are accepted, only the profit embedded in unverifiable purchases may be estimated, using the disclosed gross-profit ratio; complete disallowance would create artificial profits. A closing-stock balance in seized electronic records requires corroboration and cannot stand where incomplete consumption entries create a notional, improbable stock figure unsupported by physical stock or other defects.
Primary purchase evidence, accepted sales and unrejected books may discharge the purchaser's burden unless the Revenue produces independent material showing sham supplies or return of consideration. A supplier's failure to substantiate its own procurement chain, alleged excess mining, or direct dispatch to customers does not alone justify disallowance. Where purchase evidence is deficient but sales, audited accounts and quantitative records are accepted, only the profit embedded in unverifiable purchases may be estimated, using the disclosed gross-profit ratio; complete disallowance would create artificial profits. A closing-stock balance in seized electronic records requires corroboration and cannot stand where incomplete consumption entries create a notional, improbable stock figure unsupported by physical stock or other defects.
Note: It is a system-generated summary and is for quick reference only.
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